Friday Night and Body and Mind have mutually decided that the acquisition under the LOI would not be in the best interests of shareholders
Friday Night Inc () said its letter of intent to buy cannabis grower Body & Mind Inc (BAM) in an all-share deal, which was announced in December, had been terminated.
"After careful review of the Body and Mind transaction and current market conditions, Friday Night and Body and Mind have mutually determined the acquisition of Body and Mind under the terms of the LOI would not be in the best interests of shareholders, and as a result, the LOI has been terminated by both parties," Friday Night said in a statement.
"Market conditions and the revised consideration proposal to our shareholders played a role in the decision to mutually terminate the proposed amalgamation plan," added Body and Mind chief executive Leonard Clough.
Friday Night shares eased 1.47% in Toronto to C$0.67.
CSE:TGIF
Market: CSE
Market Cap: $52.81 m
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